What’s My Home Worth??

Video Transcription

Neal Johnson: Hey, this is Neal Johnson with NOW Property Investments LLC. I know I am always talking about finding the true value of your home so you know when a realtor, a home buyer, or just a regular person wants to purchase your home, you know what your home’s worth. I’ve told you this time after time, but I’ve never actually shown you how to go on these sites such as Zillow, Redfin, or the county appraisal site. The county appraisal site that will be going on today, is the Dallas County Appraisal Site because we buy homes all over Dallas County, but we also buy homes all over Dallas Fort Worth. Today we’re just going focus on Dallas County. Make sure before we get started you like, subscribe and, share so other homeowners just like yourself who or just regular people can learn a little more about the real estate market.

ZILLOW: Type in the address. The address we will be looking at today is a home that we sold about a month and a half ago. And we actually sold it to an investor as is, so we didn’t really do any work to it except for basically cleaning it up. You’ll go through and you’ll get this zestimate of the home.

Dallas County appraisal website: Now, when you get onto the appraisal website, one thing that you have to know is, so for this house, the address is 4236 Saint Francis. With “Saint”, you can’t actually spell it all the way out, like S-A-I-N-T. You have to just put St and then Francis. I don’t know why it’s like that, but it is. So, yeah, that’s the market value that they see it as in its as is condition.

Redfin: Redfin is actually pretty cool. You can see a lot of different comparables from the different homes that have been sold in the neighborhood. And that’s what you really want to know when you’re trying to figure out the value of your home. As you see down there, it shows you all the different homes that have been sold in the last year or so. You really don’t want to go back further than a year because the market past a year is probably a lot different than it is now.

Let’s go back to Zillow. As you see, Zillow gives you the bed, the bath, the square foot. What else? It gives you the Zestimate, Some pictures. These pictures are like five or six years old. Zillow will give you pictures, but the pictures aren’t always up to date unless the home is on the market right now, or it’s a newer home and it was on the market maybe just a couple of years ago.

You can go down and Zillow will give you a few comparables, but it’ll also give you the rent, what they think you could rent for and what your payments could possibly look like if you want to refinance. You get the year, the type of home, parking and is it a one-story or two-story. That assessed value is actually I believe the 2019 assessed value, so you can’t really go off of that.

Let’s go back to the Dallas County appraisal website. This website right here, as you saw, it will give you the person that actually owns the house, it’ll give you the land value, (which you saw was around 60,000 and meant if you were to knock down the house and sell the land as is, you could possibly get around 60,000 for that land). All of that combined is I believe $224,000. That’s what they believe it is worth.

Like I said before, this is Redfin and it gives you a lot of cool comparables and you get to see what other homes were sold for around your neighborhood. One thing that you should know, though, is most of the homes that were sold in your neighborhood are probably homes that have been fixed up. Once you see these values on here, they might not be the as-is value. You might need to knock a few thousand down just for improvements and stuff like that. But it’ll get you pretty close to the value that you can probably get for your home once everything is fixed up. This is a solid foundation to start with. You get to see what the current value possibly is and the different comparables, what different homes are selling for in your neighborhood.

If you’ve gone through all this and you feel like, “Man, I still don’t really understand this and I don’t think the number that I came up with is a true value,” you can go to our website, which is NOW Property Investments LLC and type in your address and we’ll give you the value that we feel like your home could possibly sell for as is and with different repairs that might be needed.

Hey, thanks for watching. One last thing. Go ahead and like and subscribe below to help other homeowners just like yourself learn how to navigate through this crazy real estate market.